Dan Seiffert SVP, Accounting | realtors.com
Cin-dee Cawley, a resident of Englewood, Florida, is contemplating leaving the state due to frequent hurricanes and rising costs. After Hurricane Milton struck this week, she said, “It’s too much... It’s like playing Russian roulette. I don’t want to play anymore.” Her experience mirrors that of many Floridians who face similar challenges.
Florida has long attracted people seeking affordable waterfront living. However, recent climate disasters and increasing expenses are diminishing its allure. As of Friday night, nearly two million residents were without power after the latest storm.
The state's population growth was rapid between 2021 and 2023. Many were drawn by remote work opportunities during the pandemic and Florida's lack of state income tax. However, some indicators suggest a slowdown in this trend.
Brad O’Connor from Florida Realtors noted a decrease in new resident driver-license exchanges compared to previous years. The Florida Chamber of Commerce predicts slower population growth in 2024 as more people migrate to states with lower living costs.
Cawley was assisting her sister Kim Martino and brother-in-law Frank Martino clean up their rental properties damaged by Milton. Frank Martino expressed frustration over recurring repairs: “Now I’m going to get them fixed, and they’ll be for sale.”
Many homeowners are selling properties due to high property taxes and insurance premiums. Frank Martino mentioned last year’s premium increase: “I hadn’t drank in about six or eight years,” he said after seeing another hurricane forecasted.
Price reductions on homes are becoming common across Florida's metro areas as more sellers enter the market. Jason Lewris from Parcl Labs commented on significant supply-demand imbalances since June.
Ellen and Michael Feingold are also considering leaving Sanibel Island after enduring multiple hurricanes since purchasing their home in 2017. Michael Feingold remarked, “We have probably donated enough of our life to Sanibel hurricanes.”
Despite these challenges, some residents remain committed to staying. Jennifer Perin emphasized her family's deep roots in Englewood: “We have our beautiful days...that’s the price of living here—hurricanes.”
However, Jen Zak from Sarasota is reconsidering her future there after losing business due to storm-related closures. She expressed concern about potential future damage: “Will I lose my house next time?”
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